Croatan Investments purchased Park Crescent Apartments from Gumenick Properties. Located in Norfolk, Virginia, the 400-unit community was built in two phases. The first phase of 288 units was originally constructed in 1991 by Gumenick and has mostly original interior finishes. The second phase of 112 units includes new Class A amenities featuring a resort-style saltwater pool, clubhouse, and a large fitness center constructed in 2012. Croatan intends to perform a value-add renovation to phase one unit interiors.
Centrally located in Virginia’s second-largest city, Park Crescent is in close proximity to I-64, Norfolk International Airport, and Naval Station Norfolk, the world’s largest Naval Base. The immediate submarket has experienced significant growth with the recently completed development of Simon Premium Outlets, a 332,000 sf shopping complex, and the construction of a 331,000 sf IKEA with an expected delivery date in Spring 2019.
Hank Hankins and Victoria Pickett of Colliers International and Jonathan Greenberg of CBRE Washington, D.C. represented the Seller in the transaction.